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Oil prices rose to three-week highs on Monday amid expectations that OPEC is moving close to a deal to cut output when it meets next week.

Brent crude went up to 47.94 a barrel, its highest since the start of the month, a five-percent rally no doubt also fuelled by comments from the Russian President Vladimir Putin who spoke on Sunday at the APEC summit in Peru.

“We are ready to freeze (oil) output at the present level. We see no harm in this for our energy sector. The energy minister is in constant contact with the leading (oil) companies, and they are ready for such work,” said Putin.

Ministers and sources suggest the Organisation of the Petroleum Exporting Countries is moving closer to finalising its first deal since 2008 to limit output, with most members prepared to offer Iran flexibility on production volumes.